An article appearing in Harvard Business Review showed that of 2,700 employers surveyed in a recent study, 41 percent reported a poor hiring choice cost the company as much as $25,000. The costs of an unsuitable hire come as the result of problems like poor productivity, the individual’s negative impact on morale and expenses of training a new hire.
Here are six ways employers can boost their chances of finding the right person for the job and avoid incurring the expense that comes with a less-than-stellar hire:
Move away from traditional methods
The key to finding the best possible employees may exist within the company. According to internationally renowned human resources expert Dr. John Sullivan, many companies benefit greatly from employee referral programs. Businesses that engage in this practice tend to hire a greater number of quality employees at least 10 days faster than what may have been the case when using career sites or job boards. Employees selected through referral programs often remain working for the company longer than those hired through other methods.
Weigh all types of experience
Some candidates may not have work experience that directly relates to the nature of a business, but that doesn’t mean they wouldn’t make a great hire. According to the nationwide job search site, CareerBuilder, employees who lack a college degree in a specific field often have life and work experiences that could make them a good employee. A potential shift manager may not possess a degree but may have gained leadership qualities through military service or volunteer work.
Details make a difference
If a candidate arrives five minutes late to the interview, it could indicate that individual doesn’t value punctuality. Consider whether the candidate has chosen attire that fits company culture and how much homework they have done about the company itself. These factors can help hiring managers decide whether an individual is capable of doing the job, as well as how well they might represent the company if hired.
Have a two-way conversation
According to the world’s biggest professional networking site, LinkedIn, the kinds of questions a candidate asks during a job interview can tell a hiring manager a lot about that individual. If a hiring manager asks all the questions, it is likely they’ll get answers the candidate believes will put them in the most favorable light. An individual who asks how often they can expect pay increases or paid time off may not be as wise a choice as someone who asks about company expectations or common traits of top-performing employees.
Be clear up front
Potential employees like to know what is expected of them from the time they start work. If a company has specific policies in place concerning professional conduct, make the details of those policies known to potential new hires so they’ll understand how to put their best foot forward. Review the job description to be sure the candidate understands the duties associated with the position.
Fully vet all candidates
A face-to-face interview is a great way to see whether an individual has the skills and personality necessary to perform the job, but a thorough screening process can help hiring managers make a final decision. A credit check may reveal an individual has a poor credit history, which may be a turn off for employers in the finance field. A criminal background check will divulge whether a person has a history of legal troubles, while drug testing will show which candidates have used drugs in the recent past.